Business
Amended Final Results
Amended Final Results.
About this update from Portmeirion Group Plc
[{"type":"text","content":"\n Portmeirion Group PLC\n18 April 2006\n\n\n\n Portmeirion Group plc\n Amendment to the results for the year ended 31 December 2005\n Released 16 March 2006 at 08:05 under RNS number 8918Z\n\nThe Company today announces the following amendments to its preliminary results\nfor the year ended 31 December 2005 following discussions with its auditors,\nDeloitte & Touche LLP:\n\n\nFinancial Reporting Standard (FRS) 17 'Retirement Benefits' was implemented in\nfull for the first time for the year ended 31 December 2005. FRS 17 requires a\ncharge for the current service cost of the defined benefit scheme to be included\nin the profit and loss account, with any cash contributions reflected as funding\nonly and not charged to the profit and loss account. However, we have now\ndiscovered that we had incorrectly charged the £348,000 annual cash contribution\nto the closed defined benefit pension scheme to the profit and loss account for\n2005 and the restated profit and loss account for 2004. This understated the\nprofit for 2005 and overstated the restated loss for 2004 both by £348,000.\n\n\nThere is no effect on the consolidated balance sheet or the consolidated cash\nflow statement. The changes to the preliminary announcement are:\n\n+------------------------------------------+---------+----------+---------+----------+\n| | Amended |Previously| Amended |Previously|\n+------------------------------------------+---------+----------+---------+----------+\n| | 2005 |Announced |Restated |Announced |\n+------------------------------------------+---------+----------+---------+----------+\n| | £'000 | 2005 | 2004 | Restated |\n+------------------------------------------+---------+----------+---------+----------+\n| | | £'000 | £'000 | 2004 |\n+------------------------------------------+---------+----------+---------+----------+\n| | | | | £'000 |\n+------------------------------------------+---------+----------+---------+----------+\n|In the consolidated profit and loss | | | | |\n|account | | | | |\n+------------------------------------------+---------+----------+---------+----------+\n|Operating profit/(loss) before exceptional| 1,507 | 1,159 | (384) | (732) |\n|items | | | | |\n+------------------------------------------+---------+----------+---------+----------+\n|Operating profit/(loss) after exceptional | 1,223 | 875 | (1,577)...